Elderly Beware! Financial Scams Target The Aging American

Elder abuse is probably the most under rated of abuses in individuals, but the sad truth is that it’s quite common.

June 15th being the day of elder abuse awareness. Elder abuse is any form of mistreatment that results in harm or loss to an older person.

The personal losses associated with abuse can be devastating and include the loss of independence, homes, life savings, health, dignity, and security.

Victims of abuse have been shown to have shorter expectancies than non-abused older people.

On top of other abuses like mental abuse, physical abuse, neglect, FINANCIAL abuse is also prevalent amongst the elders.

One can see ones entire life savings vanished with little or no opportunity to gain financial stability causing the person emotional and health problems.

Judith Shaw, Maine’s securities administrator spoke out at an event called Scam Jam (an awareness event) saying that this is a call to action and that people who suspect that their older neighbors or friends are being abused need to speak up.

Shaw described that as age progresses one’s ability to understand complex financial concepts decreases. Con artists use this fact to their advantage and use conniving methods to steal away seniors funds and savings.

Maine officials listed warning signs of possible exploitation:

— Social isolation, depression and/or recent loss of spouse or partner.

— Declining health and ability to provide one’s own care.

— Inability to deal with complicated finances.

— Dependence on others for basic care and services.

— Willingness to listen to telemarketers or respond to solicitations from unverified charities or businesses.

Seniors may be to embarrassed to speak out themselves so it is the responsibility of every citizen to speak out on their behalf.


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